LATAM Corporates Daily: Your daily dose of all things LatAm

Research evidence excerpt

LATAM Corporates Daily: Your daily dose of all things LatAm

J P M O R G A N Latin America Credit Research

15 July 2026

LATAM Corporates Daily

Your daily dose of all things LatAm

Latin America Corporate Research

Natalia Corfield AC

(1-212) 834-9150

natalia.corfield@jpmorgan.com

J.P. Morgan Securities LLC

Alejandra Andrade

Highlights (1-212) 834-3220

alejandra.andrade@jpmorgan.com

• Brazil Ethanol: Temporary blend increase to 32% from 30% J.P. Morgan Securities LLC

• Argentina: Inflation keeps cooling in June Ian B Snyder (1-212) 834-3798

• US CPI & TIPS: Breaking down the June downside surprise ian.b.snyder@jpmchase.com

• Performance J.P. Morgan Securities LLC

Florencia Palacios

Prices in this note are as of July 14, 2026. (1-212) 622-1129

florencia.x.palacios@jpmorgan.com

Bhavya Gupta

Brazil Ethanol: Temporary blend increase to 32% from 30% (91-22) 6157-3132

Brazil’s National Energy Policy Council (CNPE) approved a temporary increase bhavya.x.gupta@jpmchase.com

in the mandatory anhydrous ethanol blend in gasoline to 32% from 30%. The J.P. Morgan India Private Limited

measure will last 180 days, with the possibility of a one-time 180-day extension.

Unlike previous blend increases, this one is temporary, although we would expect

it to become permanent at some point. According to the Mines and Energy

Ministry, the decision aims to reduce reliance on imported fossil fuels amid volatile

global oil and fuel markets. We view the measure as positive at the margin,

particularly given expected ethanol oversupply this year, but not enough to fully

rebalance the market. According to our equity counterparts (read their reports here

and here), the 2pp blend increase should add close to 1 billion liters of annual